Gasoline Prices Break 16-Week Rising Streak... 1,647 Won per Liter

[Asia Economy Reporter Joo Sang-don] The price of gasoline sold at gas stations has fallen for the first time in 16 weeks.

According to the Korea National Oil Corporation on the 21st, the retail gasoline price at gas stations in the third week of August dropped slightly by 0.2 won from the previous week to 1,647.0 won, marking a decline after 15 consecutive weeks of increase.

The average price at budget gas stations was the lowest at 1,623.6 won/ℓ, while GS Caltex gas stations recorded the highest price at 1,655.0 won/ℓ.

The highest-priced region, Seoul, saw gasoline prices fall by 0.9 won from the previous week to 1,730.0 won/ℓ, which is 83.0 won higher than the national average price. The lowest-priced region, Daegu, recorded a gasoline price of 1,623.9 won/ℓ, down 0.8 won from the previous week, which is 23.1 won lower than the national average price.

This week, international oil prices are declining due to the continued spread of the Delta variant, weak economic indicators from China, the rise of the won-dollar exchange rate, and forecasts of increased U.S. shale production. This week, Dubai crude oil fell by 2.0 dollars from the previous week to 67.8 dollars per barrel.

This content was produced with the assistance of AI translation services.